This is a statement from the Bank of Canada on 25 January 2023:
“To combat inflation, the Bank of Canada responded forcefully, raising its policy interest rate from 0.25% a year ago to 4.50% today. It’s working. We are turning the corner on inflation.”
So, it looks like that’s it. It has been topped off. The rise in rates is now behind us.
Overall, the increase in interest rates over the last year took us from 0.50% to 4.50%.
Brian Madigan LL.B., Broker